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Directors' Report to Shareholders

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Directors' Report to Shareholders Directors’ Report Respected Shareholders, will contribute to the vision of Bangladesh becoming a global On behalf of the Board of Directors of Bangladesh Steel force and gaining the status of a ‘developed nation’ by 2030. Re-Rolling Mills Limited, I am honored, delighted, and eager The steel industry is at the forefront of this meteoric rise in to present to you the 58th Report of the Board of Directors for the year ended June 30, 2020. domestic demand and consumption, and now is a 52,000 crore industry with 7 million MT of annual production Industry outlook and potential future developments capacity. Now around 45 rolling mills are active in in the industry: Bangladesh. In the past few years a good number of steel and re-rolling mills were set up in Bangladesh. BSRM stands atop The economy of Bangladesh is a developing market as the market leader, accounting for about 25% of the total economy. It's the 35th largest in the world in nominal terms, market share amongst other players in the market, like AKS, and 30th largest by purchasing power parity. It is classified KSRM, GPH Ispat and RSRM. among the next eleven emerging market middle income economies and a frontier market. In the first quarter of 2019, Per capita steel consumption of Bangladesh stands at just 45 Bangladesh’s was the world's seventh fastest growing kg as of now, but is projected to grow by 62% by 2022, economy with a rate of 7.3% real GDP annual growth. which shows that the industry does have immense room to grow. In addition to the colossal long-term potential in steel However, presently the world’s economy is undergoing an demand, the adoption of mega projects by the government unprecedented crisis due to the ongoing coronavirus like Padma Bridge, Rooppur Power Plant and Karnaphuli pandemic. We believe our struggle is gradually coming to an Tunnel, has been instrumental to the boom in steel end, however, in the case of a virus resurgence, we will be production and consumption and BSRM is proud to lead and better placed to handle the challenges this time around. contribute to the infrastructural and economic upsurge of Bangladesh. According to the Bangladesh Bureau of Statistics, the economy of Bangladesh grew by 5.24% in the FY Operating and financial performance of 2019-2020 despite the devastating impacts of the global Bangladesh Steel Re-Rolling Mills Limited: pandemic, securely surpassing the projections of 3.8% from IMF and 1.6% from World Bank. Owing to the resilience of During the year 2019-2020, the rolling plant produced the private sector in the domestic economy, a 20% year-on 681,038 M. ton of MS products from billets, which are growth in remittances, and a strong late recovery in the sourced from the company’s own subsidiary BSRM Steel 047 garment industry, Bangladesh’s economic boom as was prior Mills Limited. The stagnation and mere decrease in the to the pandemic remains largely unfazed, laying the production quantity was a result of the lockdown due to the foundation for an unprecedented economic rebound in the COVID-19 crisis. However, the production did pick up some upcoming fiscal years. steam after the restrictions were lifted. The rolling unit’s production have been depicted by the graph below: For the economy to ricochet even further, the government needs to invest in power, textile and infrastructure, all of which Production (QTY in MT) 800,000 700,000 686,769 681,038 562,903 600,000 500,000 442,511 M. TON 400,000 300,000 241,359 200,000 100,000 45,689 0 2015 2016 2016-17 2017-18 2018-19 2019-20 (Jan-Jun) DIRECTORS’ REPORT The melting unit produces MS billets mainly for internal consumption. The Steel Melting Works (SMW) worked under installed capacity for the first time in three years as a result of the impact of the pandemic and the interrupted production process. Moreover for up gradation of machineries, the plant was shut down for two months. Rolling and Melting Unit Production over the years: Rolling Unit 2016 Particulars 2019-20 2018-19 2017-18 2016-17 2015 (Jan-Jun) Installed Capacity (M. Ton) 750,000 540,000 540,000 450,000 225,000 120,000 Production (M. Ton) 680,157 686,769 562,903 442,511 241,359 45,689 Capacity Utilization (%) 91% 127% 104% 98% 107% 38% Sales of Own Product (M. Ton) 730,832 651,935 536,864 470,937 192,631 54,433 Melting Unit 2016 Particulars 2019-20 2018-19 2017-18 2016-17 2015 (Jan-Jun) Installed Capacity (M. Ton) 150,000 150,000 150,000 135,000 67,500 135,000 Production (M. Ton) 102,735 174,657 150,331 152,702 66,422 128,022 Capacity Utilization (%) 68% 116% 100% 113% 98% 95% Sales & Consumed in Re-Rolling Unit (M. Ton) 102,609 174,533 150,947 152,901 66,122 127,553 048 Sales: The sales for BSRMLTD were 742,621 M. ton, which is an 11.14% increase in year-on sales. The sale of the previous year 2018-19 were reported 668,189 M. ton. The sales and production (segment-wise) are represented below: Segment wise or product wise performance: Production & Procurement (M. Ton) Sales ( M. Ton) Particulars 2019-20 2018-19 2017-18 2016-17 2019-20 2018-19 2017-18 2016-17 Xtreme 500W, Angle, 681,038 686,769 562,903 442,511 730,832 651,935 536,864 470,937 Channel (Owned Product) Imported & Locally 13,248 21,977 11,437 37,275 11,789 16,254 13,113 32,768 Procured Items Total 694,286 708,746 574,340 479,786 742,621 668,189 549,977 503,705 DIRECTORS’ REPORT Financial performance: If we review the profit and loss statement, we can note that the sales of products were higher as compared to last year, primarily The company recorded sales of Tk. 45,722 million in 2019-20 due to an increase in volumes. But the net profit has been compared to Tk. 44,409 million in the prior year, representing a decreased significantly to Tk. 922 million as opposed to an slight increase from last year. The gross profit stood at Tk. 3,674 impressive Tk. 1,861 million in the previous year. This decrease million in 2019-20, a significant 25.3% decrease from last year in net profits can again be attributed to the impacts of the which was Tk. 4,992 million due to higher COGS and the COVID-19 crisis and the increase in the cost of the procurement Covid-19 crisis. Moreover, the selling prices are declining against of raw materials. the increasing raw scrap prices, which was also an important factor contributing to the lower gross profits. Subsequently, the As shown below, the Net Asset Value (NAV) per share has again gross profit ratio stood 8.04% against 11.24% of last year. increased to 99.89, primarily due to the revaluation of the company’s properties in the year 2018-2019 as per BSEC guidelines. The steady increase in NAV per share is a prosperous NAV Per Share sign for the company as it means that the value of our investments 120.00 is increasing. In addition to that, the Earnings per share (EPS) of 97.46 99.89 100.00 the company decreased to 3.90 taka per share from Tk. 7.88 last 80.00 year owing to the decrease in operating income, a decline in share 63.70 60.00 of profits from accounted investees, and instability stemming from the pandemic. However, one of the huge positives is that the Net 40.00 operating cash flow of per share of the company increased to Tk. 20.00 40.47 from Tk. 2.81, which is because of the improvement in the 0 2017-18 2018-19 2019-20 operating cash flows from Tk. 664 million in 2018-19 to Tk. 9,554 million in 2019-20. Financial Performance: Amount in BDT in million 2019-20 2018-19 2017-18 2016-17 2016 2015 Particulars (Jan-Jun) 049 BD Tk. BD Tk. BD Tk. BD Tk. BD Tk. BD Tk. Sales 45,722.36 44,408.89 33,238.37 23,648.93 9,713.86 7,801.98 Gross Profit 3,674.29 4,992.24 4,828.32 3,236.93 1,362.03 458.01 Profit before non-operating income, 2,059.03 3,637.90 3,864.96 2,571.90 1,057.78 207.15 interest, taxes, WPPF & WWF Non Operating Income 16.11 41.30 123.21 113.90 472.73 1,357.07 Less: Interest, WPPF & WWF (1,249.09) (1,999.85) (1,950.19) (1,618.89) (636.77) (627.63) Add/(Less): Tax expenses & (413.78) (879.43) (242.75) (440.75) (305.08) (108.92) Provision for income tax Net Profit 921.84 1,860.63 2,778.78 756.52 588.65 827.67 Earnings Per Share (EPS) (Tk.) 3.90 7.88 11.77 3.53 3.02 4.78 Net Asset Value Per Share (Tk.) 99.89 97.46 63.70 55.75 52.84 55.28 Net operating Cash Flow Per Share (Tk.) 40.47 2.81 (8.78) (11.38) (3.53) (10.16) DIRECTORS’ REPORT Other Financial Performance: Amount in BDT in million 2019-20 2018-19 2017-18 2016-17 2016 2015 Particulars (Jan-Jun) BD Tk. BD Tk. BD Tk. BD Tk. BD Tk. BD Tk.
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